Bush's stealth tax increase - IRS to treat children as assets!

[w¡n9Nµ7 §£@¥€r 123]

Child welfare advocates and parents express outrage today as a policy change at the Internal Revenue Service allows them to view dependent children as assets... assets that can be taxed and, if necessary, seized.

"It's been in the works for a while now," said Certified Public Accountant (CPA) and tax specialist Lyle Young of the Sacramento firm Hollis, Young, & Belden. "They're targeting families whose primary source of income is state welfare or other financial assistance acquired through their children."

"It makes sense, really. This is how some of these folks make a living." said Young.

Others, like Nancy Henderson, a Washington, D.C., social services lobbyist, see it differently.

"This is an assault on the family, an assault on the poor, and an assault on the American way of life," said Henderson. "Our children are not objects or property to be taxed."

...

Future plans include a possible "physical appraisal" to determine the actual net worth of a given child. As of 2015, all state, county, and local aid agencies will then be required to use this "appraised value" as a basis for determining that child's entitlement.

"They're talking about sending asset appraisers with the 2010 census." Young said. "I don't know if that will happen or not, but it could have a chilling effect on the accuracy of the census. In my opinion, it should be a separate deal. But the feds will do what they'll do."

The good news for parents, says Young, is that as children approach their teen years, they begin to depreciate. Depreciation is more rapid if, in his words, "the child is not particularly attractive or bright." By the age of 17, he says, the tax rate is reduced to zero.

http://www.officialnewsagency.com/index.ph...5&Itemid=73

[almaty 19]

lol...

[Dan J 277]

lol...

Sounds like an expensive/indirect to go after entitlement programs.

[w¡n9Nµ7 §£@¥€r 123]

lol...

At least someone gets it.

[GaryC 7]

:lol:

[Dan J 277]

lol...

At least someone gets it.

I wasn't paying attention to the source